August 1, 2024 at 11:37PM India’s central bank proposed new requirements for second authentication factors for digital payments, aiming to move beyond SMS OTP to consider biometrics, pins, passphrases, and hardware or software tokens. It prioritizes dynamic generation and single-use to enhance security, allowing banks to choose the AFA while mandating compliance and exceptions for … Read more
April 26, 2024 at 01:07AM The PCI Security Standards Council is expanding its role to the Middle East in response to the rising volume of card-based payments and payment-card fraud in the region. With a focus on improving security, the council will collaborate with organizations involved in the payment ecosystem. These efforts come amidst a … Read more
March 4, 2024 at 08:48AM The Linux Foundation recently launched Tazama, an open source digital financial transaction monitoring platform. Tazama aims to offer scalable and cost-effective monitoring of digital payments, as well as fraud detection and AML compliance. Supported by the Bill & Melinda Gates Foundation, Tazama promotes data sovereignty, privacy, and transparency while driving … Read more
February 28, 2024 at 06:25PM Cybercriminals are using user-friendly apps like XHelper to turn ordinary people into money mules, laundering stolen funds through various illegal activities. XHelper connects scammers with individuals in India to facilitate illicit transactions, with 37,000 active users and 16,000 verified bank accounts, moving approximately 160 million rupees per day. CloudSEK emphasizes … Read more
February 23, 2024 at 02:00PM Google is discontinuing the standalone Pay app in the U.S., prompting users to transfer balances by June 4. Google Pay, with over a billion downloads, will continue with regular features until June 4, 2024. Peer-to-peer payments through the app will cease, and users can find instructions on transferring funds on … Read more
October 23, 2023 at 11:37PM China-based scammers are using fake loan apps and India’s Unified Payments Interface (UPI) to scam victims out of money, according to a report by CloudSEK. The scammers pose as loan providers, luring victims with promises of easy repayments. Once a fee is paid, the loan never materializes and the fee … Read more